Banglore-based Silver Jewellery Start-up GIVA Secures $10 Million from Sixth Sense Partners & Others
GIVA, a Bengaluru-based silver jewellery firm, has secured $10 million in Series A investment led by D2C oriented venture capital funds Sixth Sense Ventures and A91 Partners, as well as other prominent investors such as India Quotient, Grand Anicut Angel Fund, and Founder's Bank Capital.
GIVA said the funding will help it expand across online and offline channels with its collection of modern silver jewellery that is designed with quality for everyday usage, providing a significant boost to its expansion plan. A part of the cash obtained will also be used to expand the company's foreign footprint.
Ishendra Agarwal, Founder, GIVA said, “we will be employing these funds to innovate contemporary offerings in the jewellery space, expand our presence globally and augment our online and offline sales channels. Our anchor investors with their expertise in accelerating the growth of the D2C brands, will serve as a guiding force to catapult GIVA onto the next growth phase and achieve a target revenue of Rs 200 crore for FY 2022.”
While the majority of the funds obtained will be used to drive product development, GIVA has said that it intends to expand into additional product categories in order to appeal to a broader audience. GIVA, which was founded in 2019 with the goal of building a name for itself in the silver jewellery industry, will also extend its digital presence with a dedicated mobile application to improve consumer convenience and promote offline business through collaborations with prominent merchants.
Nikhil Vora, the founder and CEO of Sixth Sense Ventures, remarked, “we believe GIVA has been able to crack the right mix of channel (online dominated), product (affordable silver jewellery, designed for the modern consumer) and customer engagement - addressing our fundamental concerns. With the online jewellery space nascent relative to the mature offline market and the rise of silver jewellery consumption, we believe it is the perfect time to partner with GIVA. We are excited to partner with Ishendra, Nikita, Sachin and the GIVA team on this journey.”
Separately, Sixth Sense Ventures joined Mankind Pharma in a $6.7 million Series A fundraising round for another Bengaluru-based natural pet treats firm, Dogsee Chew.
GIVA said the funding will help it expand across online and offline channels with its collection of modern silver jewellery that is designed with quality for everyday usage, providing a significant boost to its expansion plan. A part of the cash obtained will also be used to expand the company's foreign footprint.
Ishendra Agarwal, Founder, GIVA said, “we will be employing these funds to innovate contemporary offerings in the jewellery space, expand our presence globally and augment our online and offline sales channels. Our anchor investors with their expertise in accelerating the growth of the D2C brands, will serve as a guiding force to catapult GIVA onto the next growth phase and achieve a target revenue of Rs 200 crore for FY 2022.”
While the majority of the funds obtained will be used to drive product development, GIVA has said that it intends to expand into additional product categories in order to appeal to a broader audience. GIVA, which was founded in 2019 with the goal of building a name for itself in the silver jewellery industry, will also extend its digital presence with a dedicated mobile application to improve consumer convenience and promote offline business through collaborations with prominent merchants.
Nikhil Vora, the founder and CEO of Sixth Sense Ventures, remarked, “we believe GIVA has been able to crack the right mix of channel (online dominated), product (affordable silver jewellery, designed for the modern consumer) and customer engagement - addressing our fundamental concerns. With the online jewellery space nascent relative to the mature offline market and the rise of silver jewellery consumption, we believe it is the perfect time to partner with GIVA. We are excited to partner with Ishendra, Nikita, Sachin and the GIVA team on this journey.”
Separately, Sixth Sense Ventures joined Mankind Pharma in a $6.7 million Series A fundraising round for another Bengaluru-based natural pet treats firm, Dogsee Chew.
